Jannat Ara

BlackRock Bitcoin ETF Sees Fourth Consecutive Day of Outflows Amid Crypto Market Correction

Despite recent sentiment towards digital asset investment products, spot Bitcoin ETFs experienced capital outflows for the fourth consecutive day on April 29, signaling a cautious market sentiment.

According to data from SoSoValue, 11 U.S. spot Bitcoin (BTC) ETFs collectively recorded $51.53 million in single-day outflows. Notably, Grayscale’s GBTC fund, typically dominant in the market, was outpaced by ARK 21Shares’ BTC ETF, which saw $31.34 million in investor withdrawals. Fidelity’s spot Bitcoin ETF also experienced outflows of $6.85 million.

Surprisingly, five issuers, including BlackRock’s IBIT fund, failed to attract any inflows. Despite debuting more than a decade after Grayscale’s GBTC, BlackRock has emerged as a formidable player in the spot BTC ETF market, commanding a market share only slightly lower than GBTC.

The lack of inflows into BlackRock’s fund marks a four-day streak, following a remarkable 71-day period of daily inflows that propelled IBIT above its competitors. ETF expert Eric Balchunas noted that such trends are not uncommon in the world of Wall Street.

Meanwhile, Bitcoin traded below $61,000 at press time, experiencing a decline of over 12% in the past month, attributed to a market correction leading up to the halving. This correction has impacted the broader cryptocurrency market, with altcoin valuations stalling and the total crypto market cap dipping below $2.3 trillion.

Despite the market downturn, sentiments remain optimistic about the long-term trajectory of the cryptocurrency market. Storm Labs CEO Sunil Srivatsa expressed confidence in the ongoing bull market, highlighting anticipated rate cuts and the potential approval of an Ethereum ETF as catalysts for future growth.

Powered by Crypto Expert BD

Follow us on Twitter: https://x.com/CryptoExpert_BD

Join our Telegram channel: https://t.me/CryptoExpert_BD

Leave a Comment